It’s been said that health has more of an impact on our happiness than anything else. Some say financial contentment follows close behind, which makes the beginning of the year a perfect time to look at how we can improve our financial well-being.
Following the disaster declaration issued by the Federal Emergency Management Agency, the IRS has announced tax relief for Missouri taxpayers affected by the severe storms and flooding that took place beginning on July 25, 2022. For taxpayers and businesses residing in the Independent City of St. Louis, as well as St. Charles, Montgomery, and St. Louis counties, various tax filing and payment deadlines have been postponed. Additionally, taxpayers who have records located in the covered area may also qualify for relief.
All tax returns and payments normally due on or after July 25, 2022 and before November 15, 2022 will now have until November 15, 2022 to be completed. The deadline relief is automatically applied by the IRS for taxpayers located in the covered area. Any affected taxpayers or businesses who are not located in the covered area may contact the IRS disaster hotline at 866-562-5227 to request relief.
Deadline relief includes:
- Quarterly estimated income tax payments
- Individual and business tax returns with a valid extension
- Quarterly payroll and excise tax returns
- Form 5500 series returns for employee benefit plans
- Other time-sensitive, tax-related acts as described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1)
Additionally, penalties on payroll and excise tax deposits that are due between July 25, 2022 and August 9, 2022 will be abated, as long as the deposits were made by August 9, 2022.
Tax payments due on extended individual and business returns do not qualify for relief, as the IRS requires those payments to be made at the time of extension.
If an affected taxpayer receives a late payment or late filing penalty notice from the IRS, the taxpayer should call the telephone number on the notice to request penalty abatement under these relief procedures.
Full details of the IRS News Release can be found on the IRS website .